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Forex: EUR/JPY falls on ECB’s denial

By FXstreet.com,  August 20, 2012, 07:50:00 AM EDT

FXstreet.com (Barcelona) - The EUR/JPY is currently moving in the same relative terms as the EUR/USD since the greenback is trading sideways against the Japanese Yen. The Euro is on the move, downwardly, as rumors about the ECB's plan to cap yields in the Spanish and Italian bond markets, meaning unlimited buying, are being rejected by the central bank itself, after previous German denials.

The EUR/JPY lost the 98.00 handle after falling 35 pips down and, with a low at 97.34, the cross is trading now at 97.85.

"As long as no daily New York close above Friday's high at 98.40 is being made, minor retracement lower towards the support line at 96.40 could still be seen", wrote Commerzbank analyst Axel Rudolph, pointing to 99.08 (mid-June low) as upside target.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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